Working Paper
Money in search equilibrium, in competitive equilibrium, and in competitive search equilibrium
Abstract: We compare three market structures for monetary economies: bargaining (search equilibrium); price taking (competitive equilibrium); and price posting (competitive search equilibrium). We also extend work on the microfoundations of money by allowing a general matching technology and entry. We study how equilibrium and the effects of policy depend on market structure.
https://doi.org/10.26509/frbc-wp-200405
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Provider: Federal Reserve Bank of Cleveland
Part of Series: Working Papers (Old Series)
Publication Date: 2004
Number: 0405